Defense company Rheinmetall receives record orders amid war in Ukraine and Gaza
Rheinmetall has secured a record order book worth 48.6 billion euros as sales and earnings at Germany's largest defense concern continue to rise amid wars in Ukraine and the Gaza Strip.
The Dusseldorf-based group said on August 8 that sales in the first half rose by a third to 3.8 billion euros and operating profit nearly doubled to 404 million euros thanks to higher orders for arms and ammunition.
Chief executive Armin Papperger said profitability had "improved significantly" thanks to higher sales, which he expected to continue to grow by around €2 billion annually "in the coming years".
The company said key projects included orders for artillery shells for Germany and Ukraine, with the largest order to date being a contract with the Bundeswehr for Boxer armored vehicles totaling €2.2 billion, including services.
“The [defense spending] super cycle is clearly accelerating,” added Papperger, who was the target of a failed Russian assassination attempt earlier this year.
Last week, Russia's Foreign Ministry said Ukraine's Rheinmetall ammunition plant, due to be operational within two years, is a "legitimate target" for the Russian military, according to Reuters reports.
